NIGERIA: Diamond Bank Plc to Sell 97.07% of Its Stake In Diamond SA To Manzi Finances - CALIPHATE MEDIA

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Tuesday, 7 November 2017

NIGERIA: Diamond Bank Plc to Sell 97.07% of Its Stake In Diamond SA To Manzi Finances



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Diamond Bank has announced that it has concluded arrangements to sell/ divest  its 97.07% equity stake in Diamond SA worth  €61 million (Sixty One million Euros) in Diamond through a deal with Manzi Finances.
The bank this through a statement signed by Uzoma Uja, the company secretary, sent to the Nigeria Stock Exchange at the weekend. The letter stated that the proposed divestment was part of Diamond Bank plan to Taking full advantage of opportunities that exist in Nigeria and refocusing through long term capitalization

According to the bank,  “ In August, 2017, Diamond bank executed a share sale and purchase agreement with Manzi Finances SA, a financial services holding company based in cote d”ivore. As part of the terms and conditions that will govern the divestment, the bank will dispose its entire 1,985,000 shares which translate to 97.07 percent of outstanding shares in Diamond SA for sixty million euros. Regulatory approval have been obtained in all jurisdictions for the transaction”

The statement further said: ”  Further to the provision of Rule 17 of the Nigeria Stock Exchange(NSE) Rules and Rule 187, of the Securities and Exchange commission (SEC) Rules and Regulations, which requires the disclosure of materials non-public information  to the NSE, we hereby notify the NSE of the Transaction in view of the potential effect of the Transaction on the securities of the Bank listed on NSE                                                                                                                                                                                  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